Gold price keeps testing that $1600 level
As the on/off rumors of an imminent Euro bailout keep cropping up at the end of the trading day, rallying stock markets in process, the gold price keeps testing the $1600 level.
After the 20% odd sell off from the highs consolidating above the $1600 area (and crucially above that 150DMA at $1587) is probably the best bulls can hope for right now.
Gold price $:
(click for sharper image)
Gold price £:
(click for sharper image)
Longer term $ gold:
(click for sharper image)
The 150DMA is the blue line in the above chart – the importance of which we covered here. As you can see gold retested that level on the 29th September and has managed to keep above it since.
Gold Charts courtesey of www.goldmadesimple.com
Related posts:
- Silver price testing key $37.8 level
- Gold price right at $1800 support level
- Gold price rebounds as the 200DMA holds again
- GFMS Gold Survey 2011 – price to hit $1600 this year
- Spain 10 year bond right at that critical 5.56% level
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-keeps-testing-that-1600-level-5354/
Posted by Jason Cozens on Oct 5 2011. Filed under Analysis, Gold News, Markets.
You can follow any responses to this entry through the RSS 2.0.
You can skip to the end and leave a response. Pinging is currently not allowed.
